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    Home > Food News > Food Articles > The South Korean government exempted gas and some food import duties for a limited time

    The South Korean government exempted gas and some food import duties for a limited time

    • Last Update: 2022-10-31
    • Source: Internet
    • Author: User
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    Sejong, 28 Oct (Yonhap) -- On 28 October, the South Korean government introduced measures to expand the implementation of the tariff quota system, exempting gas import tariffs for a limited time and reducing some food tariffs, thereby reducing the burden
    of high prices on the people.
     
    Specifically, the government decided to apply zero tariffs to liquefied natural gas (LNG) and liquefied petroleum gas (LPG) used for winter heating until the end of
    March next year.
    Based on this, the government predicts that each household can save 1,400 won (about 7.
    2 yuan) in gas bills
    per month.
    At the same time, the government has also reduced the TRQ rate for crude oil needed to refine LNG and LPG from 2% to zero to reduce heating and cooking costs
    for low-income groups and small self-employed households.
     
    On the other hand, the government has also decided to apply a zero-tariff policy to mackerel and tropical fruits such as bananas, mangoes and pineapples until the end of the year, reducing the tariff quota rate of mentai fish from 22% to 10% and applying it until the end of
    February next year.
    The government said the round of measures will generate an economic subsidy effect
    of 482 billion won.
    (End)
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